Stock Market Live: Adani Enterprises' first Indian retail bond fully subscribed

Nvidia's shares recouped earlier losses to trade higher on Wednesday, propping up chip firms after a bruising sell-off in the prior session, in a sign that AI optimism on Wall Street held out despite concerns around the stocks' lofty valuations. AI heavyweight Nvidia rose 1% after opening in the red and dipping about 3% premarket. 

Federal Reserve policymakers are increasingly attentive to the US labor market as they prepare for a policy-setting meeting later this month, when their assessment of job-market health will be key to how big an interest-rate cut they deliver. Analysts largely expect the Fed to stick to a quarter-point reduction, given that employers have continued to hire although at a slower pace than before, and with the unemployment rate on the rise but still at a relatively low 4.3%.

Corporate dispute tribunal NCLT has extended the insolvency resolution deadline for grounded airline Go First for the fourth time and directed the suspended board of the debt-ridden firm to file a reply within three weeks. A two-member bench of the Delhi-based National Company Law Tribunal (NCLT) issued notice to the suspended management of the company on Tuesday and listed the matter for hearing in the first week of October.
 

Markets regulator said on Wednesday that claims of unprofessional work culture at its offices were "misplaced". Some "outside elements" instigated its employees to believe that they should not be required to have high standards of performance and accountability, the Securities and Exchange Board of India (SEBI) said in a press statement, without specifying details.
 

Hyundai has updated the Creta with a new edition, the Knight edition, and launched it at Rs 14.50 lakh (ex-showroom) for the S (o) MT variant. The Knight edition gives the Creta a bold presence from the exterior and has more than 21 changes over the regular variant. This edition gives the SUV an all-Black interior with brass color inserts and  17-inch black alloy wheels with red brake calipers.

Tarun Garg, Whole-Time Director & Chief Operating Officer, of Hyundai Motor India Limited said, “The CRETA Knight is more than just an SUV - it’s a statement asserting the commanding road presence, bold design, and exclusive, black-themed features. Redefining what it means to drive in style, the black allure of the SUV will give customers a dynamic driving experience, while strengthening the CRETA brand.”

 NBFC firm Caspian Impact Investments will merge with another non-bank company BlackSoil Capital as their respective boards have given approvals for amalgamation through a share swap, a statement said.

After the merger is complete and regulatory approvals are received, Caspian Debt will be fully integrated into BlackSoil, the companies said in a joint statement.

Volvo Cars said on Wednesday that plug-in hybrids would continue to be a critical part of its profit growth plans over the next few years and that it would revamp its XC90 hybrid sports utility vehicle (SUV). The Swedish automaker said earlier on Wednesday that it had abandoned its ambition to sell only fully electric cars by 2030, and would instead allow plug-in vehicles as well as some hybrid engine cars as part of its lineup at that time.
 

Electric vehicle maker Kinetic Green on Wednesday said it is working on a family e-scooter, which is expected to hit the market in the next one-and-a-half years even as it ruled out entering the fast-expanding electric motorcycle segment.

At a media roundtable here Kinetic Green Founder and CEO Sulajja Firodia Motwani also said that the company is targeting a topline of Rs 10,000 crore by 2030 and 60 per cent of this revenue will come from the two-wheeler business.
 

Post-harvest agri-logistics firm Sohan Lal Commodity Management (SLCM) on Wednesday said it has tied up with South Indian Bank to provide collateral management and warehousing solutions. The collaboration will facilitate access to post-harvest credit at competitive interest rates, alongside offering scientific storage services and ensuring fair commodity pricing at marketplaces, it said.
 

Union minister Nitin Gadkari on Wednesday said two-wheeler manufacturers should provide helmet to the purchaser of the vehicle at a discount or reasonable rate as many people die in road accidents just for not wearing helmets. Addressing an event here, Gadkari said 50,029 people lost their lives in accidents in the country in 2022 when they were not wearing helmets.
 

E-commerce major Flipkart is expecting to create 1 lakh new jobs for the upcoming festival season sale, The Big Billion Days 2024, across India, the company said on Wednesday. Ahead of The Big Billion Days (TBBD) 2024, Flipkart has launched 11 new fulfilment centres (FCs) across nine cities, bringing their total number in the country to 83, the Walmart group firm said in a statement.
 

The finance ministry has relaxed norms for expenditure exceeding Rs 500 crore to accelerate capex (capital expenditure) that is pegged at Rs 11.11 lakh crore for the current fiscal. This will give a push to government spending which suffered a slowdown for a couple of months due to general elections.
 

Jakson Group arm Jakson Engineers on Wednesday said it is planning to invest about Rs 2,000 crore for expansion of its solar manufacturing business. Jakson Engineers Ltd (JEL) -- part of the leading energy and infrastructure conglomerate Jakson Group -- announced a significant expansion of its solar manufacturing business, a company statement said.

The National Stock Exchange benchmark Nifty 50 index snapped its 14-day winning streak, the longest spell of gains since inception, on Wednesday on the back of weak global cues. The NSE Nifty 50 index fell as much as 196 points to hit an intraday low of 25,083.80 and Sensex dropped as much as 721.75 points.

The Sensex ended 203 points lower at 82,352.64 and Nifty 50 index declined 81 points to close at 25,198.70.

A gauge of emerging market equities hit three-week lows on Wednesday as stocks sold off amid brewing global growth concerns, with chip stocks the worst hit following U.S. firm Nvidia's sharp drop in the last session.

A recent survey conducted to gauge awareness about clean energy sources revealed about 50 per cent of Gen Z respondents prefer solar solutions, followed by Millennials at 46 per cent.

The report is based on a survey of 4,318 respondents among four age cohorts across 5 metros -- Bangalore, Delhi, Hyderabad, Kolkata, Mumbai, and 8 non-metros -- Ahmedabad, Chandigarh, Gurugram, Guwahati, Jaipur, Kochi, Lucknow, Patna, conducted between February 2024 to March 2024. Gen Z refers to those who are in the age group of 18-22 years, Millennials 23-38 years, Gen X 39-54 years and baby boomers 55-76.
 

Natco Pharma Ltd on Wednesday said its Canadian subsidiary acquired 40 million shares in eGenesis Inc., a biotechnology company at the forefront of xenotransplantation focused on developing safe and effective human-compatible organs for transplant, for $8 million.

The city-based drug maker in a statement said the eGenesis Genome Engineering and Production platform is the only technology of its kind to comprehensively address cross-species molecular incompatibilities and viral risk via genetic engineering to improve the lives of patients in need of a transplant.

McDonald's India, which operates a QSR chain in West and South through its franchise Westlife Foodworld, would offer burgers with multi-millet bun, which has been co-created with premier food technology research institute CSIR-CFTRI.

The company has partnered with CSIR-Central Food Technological Research Institute (CFTRI), functioning under Ministry of Science & Technology, for this multi-millet bun and it will source millets directly from farmers.
 

With Bajaj Housing Finance set to launch its initial public offering (IPO) next week, at least three more 'upper layer' non-banking financial companies (NBFCs) are expected to go public within a year to meet the RBI's mandatory listing requirements.

The three NBFCs that are likely to float public issues are Tata Capital Financial Services, HDB Financial Services (NBFC arm of HDFC Bank), and Aditya Birla Finance, investment bankers said.

Prime Minister Narendra Modi on Wednesday arrived here to “deepen strategic partnership” with the Southeast Asian country at the invitation of his Singaporean counterpart Lawrence Wong after wrapping his visit to Brunei.

During the two-day visit, his fifth official trip to Singapore, the prime minister will connect with three generations of Singapore’s leadership, officials in New Delhi said.

Copper futures on Wednesday fell 0.47 per cent to Rs 789.45 per kilogram as participants cut their positions amid a muted demand in the domestic market.

On the Multi Commodity Exchange, copper contracts for October delivery eased by Rs 3.70 or 0.47 per cent to Rs 789.45 per kg in a business turnover of 1,018 lots.

The government is expected to finalise the third edition of the subsidies for hybrid and electric vehicles (EVs) in India under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). within the next two months. HD Kumaraswamy, Minister of Heavy Industries mentioned the upcoming FAME-III scheme at the ASSOCHAM’s National Conference on Electric Mobility. The minister said, " We are receiving numerous suggestions for FAME 3, including some from the Prime Minister’s Office.” 

Jakson Group arm Jakson Engineers on Wednesday said it is planning to invest about Rs 2,000 crore for expansion of its solar manufacturing business.

Jakson Engineers Ltd (JEL) -- part of the leading energy and infrastructure conglomerate Jakson Group -- announced a significant expansion of its solar manufacturing business, a company statement said.
 

India's services sector activity growth touched a five-month high in August on stronger rise in new work orders, while payroll numbers rose solidly as companies remained upbeat regarding the economic outlook, a monthly survey said on Wednesday.

The seasonally adjusted HSBC India Services Business Activity Index rose from 60.3 in July to 60.9 in August, registering the fastest expansion since March and was largely supported by productivity gains and positive demand trends.
 

New and Renewable Energy Minister Pralhad Joshi on Wednesday stressed on the need to bring startups into the green hydrogen sector to bring new ideas and involve youth.

Addressing at a curtain raiser of 2nd International Conference on Green Hydrogen India 2024, Joshi said that there will be over 120 exhibitors in the event which is scheduled on September 11-13, 2024 in Delhi.
 

The shares of the key defence equipment manufacturers including Mazagon Dock, Cochin Shipyard, Hindustan Aeronautics Limited, Garden Reach Shipbuilders, and others surged substantially after the Defence Acquisition Council (DAC) approved key investments to procure advanced indigenous defence equipment. 

The shares of Mazagon Dock Shipbuilders Limited surged as much as 6 per cent on Wednesday to touch the day high of Rs 4,764.65 along with Cochin Shipyard which also recorded a 5 per cent uptick. 

Activity in India's dominant services sector rose at its fastest pace in five months in August as demand remained resilient amid easing inflationary pressures, a survey showed.

The HSBC final India Services Purchasing Managers' Index INPMIS=ECI, compiled by S&P Global, rose to 60.9 in August, up from July's 60.3 and exceeding a preliminary estimate of 60.4.

ECOS (India) Mobility & Hospitality made a strong debut on the bourses, with its listing on September 4 at Rs 391 per share-17 per cent over the issue price of Rs 334 per share.

Despite this upside, these listing gains were below the grey market expectations, where shares had traded at a premium of around 37 per cent. The grey market operates unofficially, allowing shares to trade before the official subscription period and continues till the day of listing.

PwC and Shorthills AI have entered into a partnership to integrate advanced Generative AI (GenAI) technologies into PwC’s suite of tools. 

Under this partnership, PwC will deploy Shorthills AI’s GenAI solutions, including GenAI-powered search, automatic classification of entries, summarization of large documents, and natural language-based Q&A, to streamline operations and achieve significant RoI.

The shares of the state-owned insurance major General Insurance Corporation of India fell as much as 5 per cent intraday to Rs 398.60 after the government proposed to offload a stake of about 6.8 per cent in the company according to an exchange filing on Tuesday. 

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On Wednesday, the domestic stock markets opened in deep red amid a major global market sell off started from the United States markets where major technology stocks dragged the bourses to month lows. 

The National Stock Exchange’s Nifty 50 was trading 175.40 or 0.7 per cent lower at 25,104.45 while the BSE’s 30-share Sensex tumbled more than 570 points or 0.7 per cent at 81,999.44. 

Adani Enterprises Limited (AEL) has announced its first public issue to raise up to Rs 800 crore through the issuance of secured, rated, listed, redeemable, non-convertible debentures (NCDs), according to a stock exchange filing. 

Gautam Adani-led conglomerate is offering up to 80 lakh NCDs, each with a face value of Rs 1,000. The base issue size is set at Rs 400 crore, with an option to retain an additional Rs 400 crore through a green shoe option, bringing the total potential amount to Rs 800 crore.

The domestic benchmark indexes are likely to open lower on Wednesday, tracking a drop in Asian shares, on resurgent worries over US slowdown and as traders turn cautious ahead of key data that could gauge the quantum of Federal Reserve's interest rate cut.

The GIFT Nifty GIFc1 was trading at 25,171 points, as of 7:50 a.m. IST, indicating that the NSE Nifty 50 index .NSEI will open below its previous close of 25,279.85 points.

The GIFT Nifty, a financial index that tracks the performance of the Nifty 50 index and is traded on the NSE International Exchange in GIFT City, Gujarat, has dipped by nearly 200 points ahead of the market opening amid a mass sell-off was witnessed in the United States and key Asian markets. 

As of 07:53 am, the GIFT Nifty index was trading 195.5 or 0.77 per cent down at 25,176.5 indicating a strong bearish sentiment in the market. The US market witnessed its worst sell-off after August 5 ahead of key data that will influence the Federal Reserve’s decision to lower interest rates on September 18. 

China and Hong Kong shares dropped in early trade on Wednesday, tracking a sell-off in technology sector stocks on Wall Street overnight due to rising growth fears.

The blue-chip CSI 300 Index .CSI300 declined 0.6 per cent in early Asian trade, while Hong Kong's Hang Seng Index .HSI fell 1.7 per cent.

 Australian shares slid on Wednesday in a broad-based sell off, as lacklustre data from the US dampened market sentiment globally, while local investors awaited the country's gross domestic product (GDP) data.

The S&P/ASX 200 index .AXJO fell 1.4 per cent to 7,989, as of 1225 GMT, eyeing its worst day since Aug. 5.

Japan's service-sector activity extended gains in August, a private sector survey showed on Wednesday, thanks to an uptick in overseas sales despite a darkening global outlook.

The final au Jibun Bank Service purchasing managers' index (PMI) was unchanged at 53.7 last month, staying above the 50.0 line that separates expansion from contraction for a second consecutive month.

The US Department of Justice has sent a subpoena to Nvidia as it deepens its probe into the AI heavyweight's antitrust practices, Bloomberg News reported on Tuesday, citing people familiar with the investigation.

The antitrust watchdog had previously delivered questionnaires, and has now sent legally binding requests to Nvidia, the report said, adding that other companies had also received subpoenas.

Japan's service-sector activity extended gains in August, a private sector survey showed on Wednesday, thanks to an uptick in overseas sales despite a darkening global outlook.

The final au Jibun Bank Service purchasing managers' index (PMI) was unchanged at 53.7 last month, staying above the 50.0 line that separates expansion from contraction for a second consecutive month.